The archipelago nation of the Maldives has signed a multi-billion dollar deal with Dubai’s MBS Global to build a blockchain and digital assets hub.
On May 4, the Maldivian government and MBS Global Investments concluded a joint venture agreement to develop a $ 8.8 billion crypto-oriented financial center in the capital of Malé, according to a financial time report.
The project, entitled The Maldives International Financial Center, will overstrain 830,000 square meters, and the first estimates suggest that it could ultimately be able to employ up to 16,000 people and organize more than 6,000 inhabitants.
The development would be rolled out in phases over the next five years and is expected to generate more than $ 1 billion in income annually by year five. According to officials, the financial center would strive to triple the GDP of the country.
MBS Global, led by Qatari Royal Sheikh Nayef bin Eid Al Thani, plans to finance the development through a mix of equity and debts. According to the company, it has already collected fixed commitments “north of” $ 4- $ 5 billion, collected through its network of family agencies and high-quality persons.
For the Maldives, the deal comes in a critical time. The country is under financial pressure, with more than $ 1.6 billion in external debt relocations in 2026. Only a few months ago India came in with a rescue operation of $ 760 million to help the island nation to prevent De Standaard.
Finance Minister Moosa Zameer believes that the financial center can be a possible way out from his current tax crunch.
Yet changing Malé into a global fintech hub will not be easy. A senior Indian business person told The Financial Times that the Maldives are likely to deal with heavy competition from established heavyweights such as Dubai, Hong Kong and Singapore.
As previously reported by crypto.news, Dubai has already made great progress to settle as a crypto-friendly destination, with supporting regulations and blockchain initiatives supported by the government.
Similarly, Singapore continued to draw worldwide investments with its open approach to digital assets and a flourishing technical ecosystem. In the meantime, Hong Kong has also attracted hundreds of web3 and fintech companies by positioning themselves as a gateway between China and the West.
Hong Kong, Dubai and Singapore are all in the top five in Multipolitan’s 2025 Crypto Cities Index, which evaluated global hubs based on adoption, regulations and infrastructure.
